Source: economictimes.indiatimes.com

US-based investment bank Jefferies, which facilitated two cross-border acquisitions for Indian firms this year, is looking at a dozen similar deals through its local office that was opened on Thursday.

“So far we have brokered two deals and would be having a dozen of such deals under pipeline at different stages,” Jefferies & Company Chairman (Executive Committee) Brian P Friedman said here.

All these deals are at different stages so it would not be possible to give exact number, he said, without giving specific names.

Friedman said, M&A activity has great potential in manufacturing, energy, consumer and technology space in India.

Jefferies has so far brokered acquisition deals for Apollo Health Street and i-flex from its London office.

AHS last month acquired Zavata Inc, an Atlanta-based business process outsourcing and enterprise support solutions company, for a consideration of $31 million.

Another deal between i-flex Solutions and US-based anti- money -laundering and compliance software maker Mantas was also brokered by the firm at $122.6 million.

Talking about the capital raising activity, Friedman said, so far seven transactions worth USD 600 million has been facilitated by the banker this year.

Hopefully, five more such transactions could take place in the next two months, he said.

Out of seven deals FCCB contributes majority with 50 per cent followed by private placement about 35 per cent and the rest through AIM and GDR listing, he said.

Meanwhile, Jefferies which opened its office in Delhi for investment banking activity in India said it plans to add broking and distribution as the next line of businesses in the country.

Source: www.bizjournals.com

Minnesota’s trade delegation arrived Wednesday in Bangalore, commonly referred to as the Silicon Valley of India, where some of the world’s biggest and fastest-growing tech companies have settled.

Many American technology companies, including IBM, Microsoft, Yahoo and Dell, already have operations in Bangalore, but there’s room for Minnesota companies to enter the fray, said Mark Russell, commercial consul for the U.S. Consulate in Chennai, which serves all of southern India.

“There’s outsourcing, there’s software development, there’s all sorts of manufacturing capabilities. … There’s still a lot of opportunity here for American companies,” he said.

But business leaders already operating in India said the market’s strength has become high skills, rather than low salaries. “If you’re looking to come to India for cheap labor, you missed it,” said Walt Ling, IBM Corp.’s top Minnesota executive. “That ride’s over.”

IBM, which has major operations in Rochester, Minn., accounts for 15 percent of Minnesota’s manufactured exports to India. The company exported $12 million of products to the country in 2006 and expects to double that this year.

IBM has 53,000 employees in India. Ling said the Indian operations aren’t taking away Minnesota jobs, but rather targeting sales in India and surrounding areas.

“It’s about getting the right people with the right skills in the right places,” he said.

Other southern cities, like Chennai and Hyderabad, also are strong in the high-tech sector.

“Bangalore’s still the hub, but the other regions in the south are also very competitive,” Russell said. “Other states sometimes give more competitive packages to U.S. companies.”

Kate Rubin, president of the Minnesota High Tech Association, said she was encouraged by what she heard and saw in Bangalore. She plans to give a positive report to her group’s members when she returns home.

“I’m going to tell them I think it’s real,” she said.

Also, on Wednesday:

* Minnesota companies that already do business in India, including General Mills Inc. and 3M Co., briefed the mission delegates on their experiences in the market and provided insight on how to succeed.

* Delegates also received a briefing on working with local partners as a way to successfully enter the local market. Most experts agreed that partnerships are the best way to start business here, but a couple of others recommended going it alone if possible.

* The ADC Foundation, the charitable arm of ADC Telecommunications Inc., announced charitable contributions to the Akshara Foundation, a private charity that helps children enhance their math skills, and the Samarthanam Trust for the Disabled to assist in the education of visually impaired children.

* Finally, Pawlenty hosted a networking reception for the Minnesota delegation, providing yet another opportunity for Minnesota business leaders to mingle with Indian firms.